Managing Financial Resources And Decisions

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TABLE OF CONTENTS INTRODUCTION...........................................................................................................................3 TASK 1............................................................................................................................................3 1.1 Identification of sources of finance available to business.....................................................3 1.2 Implications of sources of finance identified.........................................................................4 1.3 Evaluation of most appropriate sources of finance................................................................4 TASK 2............................................................................................................................................5 2.1 Costs of different sources of finance for Sweet Menu Restaurant.........................................5 2.2 Importance of financial planning for Sweet Menu Restaurant..............................................6 2.3 Information needs of different decision makers....................................................................7 2.4 Impact of sources of finance on financial statements of Sweet Menu Restaurant.................7 TASK 3............................................................................................................................................8 3.1 Analysis of budgets and make appropriate decisions............................................................8 3.2 Calculation of unit costs and pricing decisions......................................................................9 3.3 Viability of two projects using investment appraisal technique..........................................10 TASK 4...........................................................................................................................................11 4.1 Main financial statements....................................................................................................11 4.2 Comparison of appropriate formats of financial statements for different types of business ....................................................................................................................................................12 4.3 Interpretation of financial statements of two restaurant using ratios...................................13 CONCLUSION..............................................................................................................................14 REFERENCES..............................................................................................................................15

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INTRODUCTION Financial management is referred to as a field where decision making regarding utilization and allocation of funds takes place. It involves efficient and effective management of financial resources that leads to attainment of success by the organization. With the assistance of this, harmonization of individualâ&#x20AC;&#x2122;s motives can be done with that of business goals (Hall and Lerner, 2010). Therefore, the role of financial management can be greatly viewed towards planning and controlling in relation to monetary resources. In the present report, management of financial resources and decisions has been discussed with respect to Sweet Menu Restaurant. It is a reputable restaurant that is situated in Gants Hill in East London. The firm is renowned for offering intercontinental menus at reasonable prices. The present report entails to understand the sources of finance available to the business. Further, it includes implications of financial sources within organization. At last, this report also covers analysis of financial performance of Sweet Menu Restaurant.

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TASK 1 1.1 Identification of sources of finance available to business As per the case, Sweet Menu Restaurant is a reputable firm that offers inter-continental menus at reasonable prices. The organization is planning to open two branches in Central London and Croydon. It has been estimated that restaurant requires £300,000 and £500,000 to start up proposed new branches. This calls for the needs of financial resources. Sources of finance are divided into two. This includes internal and external. These have been enumerated in the manner below: Internal sources: It includes sources that are present within the organization. Further, for the purpose of obtaining funds through such sources, business has to put little efforts. 

Owners personal saving: It is an amount that is being saved by the owner. This can be used with the aim to meet expansion need of business (Calitz and Fourie, 2010). Such can be used by individual while starting up new firm.



Retained earnings: It is regarded as the part of profit that is kept aside with the aim to meet future contingencies. This can be used by Sweet Menu Restaurant in order to accomplish its financial needs in an effective manner.

External sources: It is comprised of sources that can be obtained by business from outside. 

Issue of shares: Through issuance of shares, firm can gain long term funds from public. The amount which is received by the restaurant can be utilized as start-up capital by the organization.



Long term bank loan: Bank acts as effective financial source that lends funds to business for the specified time duration (Du and Girma, 2012). With this, new concern can fulfill their long term needs. Such funds can be utilized with the aim to carry out business operations in an appropriate manner.

1.2 Implications of sources of finance identified Financial sources available to new business possess certain implications. When, firm makes use of personal saving then, in such case there is dilution of control. This implies that

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individuals loses control over the amount that could have been used in fulfilling the needs of business in future course of time. In addition to this, there are certain implications associated when new business obtains funds through external sources. In order to start up new business, Sweet Menu Restaurant takes loan from bank. For this, it has to keep certain assets as a part of security. In situation, when business does not make payment of interest on time then at this situation, bank can take legal action against the organization (Fabbri and Menichini, 2010). Moreover, financial institution can acquire all the assets of business in order to recover the amount borrowed as loan. If, in case, amount is not recovered through asset then bank declares firm as bankrupt. This has greater impact on the credit rating of new business. Further, this affects the reputation of corporation to a greater extent and influence its survival in the market for longer run. Sweet Menu Restaurant also obtains funds through issue of shares. An implication to such is that in case firm does not make timely payment of dividend to the shareholders then they can take legal action against the business. Such greatly affects the goodwill of new concern in the marketplace. 1.3 Evaluation of most appropriate sources of finance For the purpose of starting up new business, the most appropriate sources of finance are as follows: 

Retained earnings: In accordance with the case scenario, Sweet Menu Restaurant requires £300,000 and £500,000 to start up proposed new branches. Based upon the evaluation carried out above, it can be determined that internal sources of finance such as retained earnings is the most suitable means of obtaining funds. The reason to this is that it does not involve huge cost for the organization (Zager and Zager, 2006). Such source acts as a continuous source for business that eliminates financial requirement for the organization.



Issue of shares: By issuing shares, firm can acquire long term funds from public. It acts as permanent sources of capital for Sweet Menu Restaurant. Company has to pay dividend from the amount of profit in return of the amount invested by public within new concern (Yescombe, 2011). This might decrease the profitability of firm but it can fulfill the financial needs of business with effectiveness.

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

Long term loan from bank: In order to carry out the operations of business, it can borrow funds from financial institution. Money acquired as loan can be taken for specified span of time. But for the purpose of obtaining this, business is required to make payment of interest on the amount of loan (Paim and et.al., 2011). Through this, company can meet its financial contingencies in future course of time. It is considered as an effective source that can accomplish short term, medium term and long term needs of Sweet Menu Restaurant.

TASK 2 2.1 Costs of different sources of finance for Sweet Menu Restaurant There are several cost associated with the different sources of finance. Such has been enumerated in the manner below: 

Opportunity cost: It is regarded as the cost of sacrifice that is incurred by the organization when it lets go next best alternative. The personal saving amount could utilize by the new firm in accomplishing its need for future. Thus, this can be considered loss to the organization as, it can be utilized in financing other crucial business activities (Saber and Venayagamoorthy, 2011). Further, in case of retained earnings, the amount of profit can be used to meet future contingencies. This acts as opportunity cost attached with retained earnings.



Dividends: By issuing share to the public, firm can obtain funds. Dividend is the cost associated with issuance of shares. It is important for new business to make payment of fix amount from the part of profit. This can result in decreasing profitability of the organization.



Interest: In order to start up new business, firm has to take long term loan from the bank. Cost attached in acquiring this is interest (Demiroren and Yilmaz, 2010). Sweet Menu Restaurant has to make payment of interest on time for the loan amount. This acts as cost associated with funds obtained through bank.

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2.2 Importance of financial planning for Sweet Menu Restaurant There is huge importance of financial planning for the organization such as Sweet Menu Restaurant which has been enumerated below: 

Optimum use of funds: The role of financial planning can be greatly viewed towards making effective and efficient use of financial resources. Through this, financial manager can take appropriate decisions regarding the allocation of resources to several activities of new concern (Hillier, Grinblatt and Titman, 2011). With the assistance of budget planning, firm can achieve success for the longer term.



Ensures cash management: Financial planning plays a significant role for new business project in the management of cash. Through this, Sweet Menu Restaurant can keep a track on the outflow of cash. However, it also enhances the amount of cash inflow with business. Therefore, with appropriate financial planning, business can grow and expand its operations.



Identifies shortages and surpluses: With the assistance of financial planning, executive can examine the activities where surplus of funds is required (Drury, 2009). Further it also determines the activities that require less amount of financial resources. Therefore, allocation of funds needs to be done with greater appropriateness.

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

Makes selection of right investment option: It is essential to make selection of right investment proposal. This can be done with the assistance of financial planning. This is because it makes evaluation of investment on the basis of risk, objectives etc. Through this, greater direction can be offered to the business regarding selection of the best suited investment option for organization that fulfills their goal.



Increases the capital: With the assistance of proper financial planning, business can increase the amount of cash inflow which results in improving the amount of capital in the firm. It is important for improving well-being of Sweet Menu Restaurant.

2.3 Information needs of different decision makers Decision maker is required to make choices. For the purpose of taking decisions, they need information in relation to the firm. Decision makers along with their needs related to information are as follows: 

Supplier: These are those decision makers who offer inputs in form of raw material to the organization. They need information in relation to the credit rating of the business. This is due to the reason that they require business to pay for their invoices within reasonable time limit.



Government: Information required by government involves profitability data of the firm. With this, regulatory authority can gain insight to the amount of tax that needs to be paid by Sweet Menu Restaurant. Moreover, government investigates whether the amount deposited as tax is in a correct manner or not (Eccles and Holt, 2005).Along with this, government needs information on whether organization is incorporated with corporate social responsibility or not. Further, government takes action in order to exert pressure on business to accomplish its responsibility towards society welfare.



Investor: Investors need information in relation to the profitability and efficiency position of the organization. With this, investor can decide on the firm where it can make investment. It is important that valuable return is offered to the investor bybusiness. Due to this, information regarding profitability is essential for the investors as it facilitates in decision making process.

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Customer: They need information in relation to the image of brand and goodwill of the company. Therefore, this assists them in making decision with respect to the type of goods that they need to be purchased and from whom they will be.

2.4 Impact of sources of finance on financial statements of Sweet Menu Restaurant Transactions that are being carried out within the firm are demonstrated in the financial statements. It involves financial as well as operating transactions. Kinds of financial sources that are utilized by Sweet Menu Restaurant impact the financial position of business. Further, cost associated with financial sources affects the statement of profit to a greater extent. It has been stated above that the most suitable sources of finance for Sweet Menu Restaurant include retained earnings and loan from bank. Cost attached with retailed earning is opportunity cost that is not reflected in profit and loss account. But, the retained earning amount is reflected in the statement of changes under retained earnings. In contrast to this, loan from bank involves cost of interest that is expenditure for business. This is presented in profit and loss account at the expense side. In addition to this, it is deducted from cash in balance sheet within the head of current asset (Mangan, Hughes and Slack, 2010). As per the case scenario, cost will be shown in profit and loss amount. Further, this interest will be subtracted from the amount of cash. However, amount borrowed is reflected in balance sheet at the liability side. In case of Sweet Menu Restaurant, amount of loan will be presented under non-current liabilities head as long term loan. This amount increases the cash of business which is reflected on the asset side. In case of issuing shares, dividend paid to shareholders is demonstrated in profit and loss account. Further, amount taken from public is shown on the liability side in balance sheet.

TASK 3 3.1 Analysis of budgets and make appropriate decisions Here, cash and inventory budget of Blue Island Restaurant for next four months has been presented. Firm provides greater competition to Sweet Menu Restaurant. The analysis of cash budget can be carried out by the determination of changes in the cash incomes and expenses. For Blue Island Restaurant, changes in percentage have been enumerated in the manner below: TOLL-FREE NO: +44 2038681671 WHATSAPP NO: +44 7999903324

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Percentage

Changes

changes in cash sales/Previous sales Percentage

sales*100 Changes

cash month

11.111111111 3.3333333333

16.1290322581 1

cash

changes in cash expenses/Previous month expenses

expenses*100

83.52229780 -71.5299877601 13.7575236457 8

The estimated figure presents that sales contributes towards the cash incomes of firm. In accordance with the budget, it can be said that cash sales are increasing in all the respective months. Sales in the month of November is increasing significantly in comparison with other two that is 16.12%. In the month of December, sales has declined. Thus, it is important for manager to develop plans that can lead to increase in sales. In contrast to this, there are several components that contribute towards business expenditures. It involves capital expenditure for purchasing assets like Furniture and Vans whereas operational expenses is comprised of expenditures related with salaries, petrol charges, lightning, energy charges etc (Lambert, Leuz and Verrecchia, 2012). The expenses of the business declined in October whereas it has increased in other two months. In contrast to this, changes in percentage show that in October, cash expenses declined by 71.53% which is the reason of elimination in the capital expenses. Based on the analysis, it has been determined that capital expenditure would result in increasing expenses that has an adverse impact on the availability of cash. By execution of suitable control tool, expenses can be reduced. 3.2 Calculation of unit costs and pricing decisions Cost sheet of Blue Island Restaurant includes expenses involved in buying steak, vegetables as well as other ingredients. Further, it involves payment of labour and other overheads. The absorption of overhead is done through technique which is known as absorption costing. Selling prices of meal offered is determined on the basis of cost incurred in the process of production (Duchin, Ozbas and Sensoy, 2010). As per the scenario, determination of prices is done by adding mark up of 40% on cost. Further, the rate of value added tax is 20%. Determination of prices for Blue Island Restaurant is as under: TOLL-FREE NO: +44 2038681671 WHATSAPP NO: +44 7999903324

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Item name

Cost (In £)

Steak

Vegetables and other ingredients

1.5

Labour

3.5

Overheads (using absorption costing technique)

Meal cost

Add: mark up percentage @40%

VAT @20%

Set meal prices

Food cost percentage = Total cost of ingredients/ sales prices = £/10/£16*100 = 62.50% Thus, it can be determined that price of meal is £16. At this, company is making 37.50% of profit on cost. This demonstrates that firm possesses sound financial position.

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3.3 Viability of two projects using investment appraisal technique From the scenario, it can be gained that Blue Island Restaurant possesses greater opportunity to make investment in different proposals. There are two investment proposal available where firm can invest its funds (Ormiston and Fraser, 2013). Technique of investment appraisal is effective in determining the profitable investment proposal for the organization. In order to determine such, the technique of Net present value as well as pay-back period can be considered. 

Pay-back period: It is the technique that examines the length of time needed by each project in covering the amount of initial investment (Anandarajan, Anandarajan and Srinivasan, 2012). The proposal that possesses shorter payback period needs to be accepted as it can be profitable to business in longer run. Project that takes long time to cover initial investment amount needs to be rejected by the business

Calculation of payback period Year Proposal 1 0 (1200) 1 800 2 600 3 400 4 200 5 50 Residual value 0

Cumulative (1200) (400) 200 600 800 850 850

Proposal 2 (1200) 300 400 500 600 500 50

Cumulative (1200) (900) (500) 0 600 1100 1150

Payback period of proposal 1st = 1 year + (400£/600£)*12 months = 1year 8 months Payback period of proposal 2nd = 3 year 

Net present value: This technique calculates the present value of future cash flow. The proposal that possesses positive net present value will be accepted by the business (Akers, 2014). On the contrary, the proposal with negative net present value will be rejected as it might to be non-profitable for company in long run.

Calculation of net present value Year Proposal 1st TOLL-FREE NO: +44 2038681671 WHATSAPP NO: +44 7999903324

Discount factor@10%

Discounted cash flow

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0 1 2 3 4 5 Net present value

(1200) 800 600 400 200 50

Year

Proposal 2 (1200)

0 1 2 3 4 5 Residual value NPV

300 400 500 600 500 50

1 0.909 0.826 0.751 0.683 0.621

(1200) 727.2 495.6 300.4 136.6 31.1 490.9 (491 Approx)

Discount factor@10% 1 0.909 0.826 0.751 0.683 0.621 0.621

Discounted value (1200) 272.7 330.4 375.5 409.8 310.5 31.05 529.95 (530 Approx)

Based on the above calculation, it can be determined that 2 nd proposal needs to be selected by Blue Island Restaurant as it has higher net present value that is £530. However, the payback period of this project is 3 years which is longer from other proposal. Decision would be made on the basis of resultant obtained through net present value as it determines the overall viability of the investment proposal.

TASK 4 4.1 Main financial statements Main financial statements which are prepared by the business are as under: 

Income statement: This statement is comprised of all the direct as well as indirect expenses and incomes of the firm. With the assistance of this statement, new business can make analysis of the net profit and net loss incurred during financial year (Kline, 2014). The income involves commission and interest received. However, expenses include rent paid, interest paid, cost of administration and depreciation.



Balance sheet: This statement presents financial position of the organization on a particular date. With this, investor can make analysis of liquidity, solvency and

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profitability position of the organization. Balance sheet includes assets and liabilities of the new concern (Humpherys and et.al., 2011). Asset is comprised of all those elements that assist firm in earning money. It involves current assets and fixed assets. Under current assets, debtors, cash, bill receivables, stock etc. are included. Further, fixed asset is comprised of building, machinery and equipment etc. On the contrary, liabilities involve current liability, long term debt, shareholder’s funds etc. 

Cash flow statement: This statement is effective in reflecting the amount of cash invested by business in different activities (Cui and Ryan, 2011). These involve operating, financing and investing activities. The statement presents the amount of cash inflow and outflow of the firm. Cash flow statement direct affects balance sheet of the organization.

4.2 Comparison of appropriate formats of financial statements for different types of business Every firm develops financial statements in the format prescribed by Generally Accepted Accounting Practices (GAAP) and International Financial reporting Standards (IFRS). In this context, different types of businesses are as follows: 

Sole trader: Such type of business is owned and managed by an individual. Thus, sole trader prepares simple profit and loss account. This statement presents information on income and expenses earned and incurred during financial year by business (Prieto, 2006). There is no need for such kind of business to prepare balance sheet.



Partnership: This type of business prepares all the financial statements including balance sheet, income statement as well as cash flow account (Schulze, 2007). Along with this, it also prepares partner capital account which demonstrates the amount of capital contributed by each partner and the proportion in which profit would be distributed among them.



Public limited company: Such company prepares financial statements such as balance sheet, profit and loss and cash flow statement. This type of business needs to develop financial statements in accordance with international accounting standards (Yuen, 2007). Further, statement offers information to the parties such as customers, suppliers, investors

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as well as government (Wahyudi, 2009). For public limited company, it is important to prepare all the statements as it needs to issue prospects to shareholders.

4.3 Interpretation of financial statements of two restaurant using ratios The ratio analysis of the two restaurant has been enumerated in the manner below: Sweet Menu

Blue Island

Formula

Restaurant

Net Profit margin

Net profit/sales

0.01

0.13

Gross Profit margin

Gross profit/sales

0.63

0.66

Ratios Profitability ratio

Liquidity ratio Current assets/ current Current Ratio

liabilities

1.78

0.63

Quick Ratio

Current assets â&#x20AC;&#x201C;

0.63

0.15

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Inventory/ current liabilities Efficiency ratio Asset Turnover

Net sales / net assets

1.79

2.4

Debt/Equity

0.41

0.58

Solvency ratio Debt/equity ratio



Profitability ratio: Gross profit of Blue Island as well as Sweet Menu Restaurant are 0.66 and 0.63 respectively. However, net margin ratio are 0.13 and 0.01. In both the cases, Blue Island possesses higher profitability. This implies that financial performance of Blue Island is sound in comparison with Sweet Menu Restaurant.



Liquidity ratio: Current ratio of Blue Island is 0.63 whereas, in case of Sweet Menu Restaurant, it is 1.78. In addition to this, quick ratio of Blue Island as well as Sweet Menu Restaurant are 0.15 and 0.63 respectively. By analyzing these, it can be gained that liquidity position of Sweet Menu Restaurant is higher which presents that company is capable to meet its short term obligation.



Efficiency ratio: Asset Turnover ratio of Blue Island as well as Sweet Menu Restaurant are 2.4 and 1.79. This implies that Blue Island makes utilization of assets in an effective manner.



Solvency ratio: Debt equity ratio of Blue Island is 0.58 whereas for Sweet Menu Restaurant, it is 0.41. Higher debt equity ratio implies greater risk. Here, Blue Island is making use of higher debt in comparison with equity.

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CONCLUSION It can be concluded from the report that there is presence of wide range of financial sources that can assist business in expanding its operations in an effective manner. Further, role of financial planning is crucial in determining the most suitable investment proposal for the organization. With the assistance of ratio analysis, financial performance of the business can be determined.

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Kline, P., 2014. An easy guide to factor analysis. Routledge. Lambert, R. A., Leuz, C. and Verrecchia, R. E., 2012. Information asymmetry, information precision, and the cost of capital. Review of Finance. 16(1). pp.1-29. Mangan, J., Hughes, A. and Slack, K., 2010. Student finance, information and decision making. Higher Education. 60(5). pp.459-472. Ormiston, A. and Fraser, L.M., 2013. Understanding financial statements. Pearson Education. Paim, J. and et.al., 2011. The Brazilian health system: history, advances, and challenges. The Lancet. 377(9779). pp.1778-1797. Prieto, M. A., 2006. Learning capability and business performance: a non-financial and financial assessment. Learning Organization. 13(2). pp.166–185. Saber, A. Y. and Venayagamoorthy, G. K., 2011. Plug-in vehicles and renewable energy sources for cost and emission reductions. Industrial Electronics, IEEE Transactions. 58(4). pp.12291238. Schulze, R., 2007. Parents' Long-Term Care Risk: A Financial Planning Analysis from the Children's Perspective. Verlag Versicherungswirtsch. Wahyudi, I., 2009. From physical to accounting control: a study of accounting change resistance. Journal of Accounting & Organizational Change. 5(2). pp.228–242. Yescombe, E. R., 2011. Public-private partnerships: principles of policy and finance. Butterworth-Heinemann. Yuen, D., 2007. Antecedents of budgetary participation: enhancing employees' job performance. Managerial Auditing Journal. 22(5). pp.533–548.

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